Ted Epstein

In this day and age of "short sales," we're seeing numerous properties with a status of "active w/contract" on the MLS database. It means this:
If a property is listed as a short sale and the seller and buyer agree on terms, the offer is then submitted to the bank that holds the mortgage to begin the looooong short sale process that can take 45-60 days or more. So instead of taking the property off the market, the seller keeps it on the market so other buyers may see the property during this time period. This allows for additional offers to come in while the bank is going through their processes.
In other "active w/contract" instances, the agreed upon contract may have contingencies, such as the buyer needing to come up with financing, the sale of an exisitng home, etc. It wouldn't be fair to the seller to completely take the home off the market during this time period, so the property can still be shown to try to get back-up offers.

So if you were interested in seeing properties at the Reserve, your first priority would be to look at the 8 units currently for sale. Then, if you wanted to see additional properties, you would look through the "active w/contracts" to find the most desirable properties and have your Realtor contact the Realtor of those properties to find out the status of the contract that's already been accepted.

The recent rental history at the Reserve shows 2-bedroom units being rented out for about $900 per month on an annual basis. Weekly rentals are not allowed in the community. Seasonally, there isn't much history in the community, but based on similar communities and condo sizes in the area, I would estimate a range of $1,500 - $2,000 per month, depending on the rental market conditions for the upcoming season. The broker I work for -- Prudential Florida Realty -- has a rental division, and they could help you with getting the property rented as well as managed.

- Ted - Sat Aug 15 2009, 07:37